Guthrie Reintroduces Bipartisan Student Loan Literacy Bill

Statement

Today, a bipartisan bill led by Congressman Brett Guthrie (KY-02) in the 113th Congress was reintroduced.

H.R. 3179 (H.R. 4984 in the 113th Congress), the Empowering Students through Enhanced Financial Counseling Act, will reform the current guidelines to require annual counseling for student borrowers and enhance their understanding of financial aid.

"For many, receiving a college education is the American Dream," said Congressman Guthrie. "That means making higher education more attainable and financial literacy is a key part of the equation. My bill ensures students have the knowledge to understand how much money they are borrowing when they accept a student loan, which financial options they should draw from first, and the implications of their future debt load and repayment scenarios. We have seen that students who are equipped with this knowledge leave school with significantly lower debt burdens."

Currently, financial counseling is only required at the beginning and end of a student's academic career. This results in many graduates having a cloudy picture of their financial obligations.

"Given the strong support this commonsense bill had last Congress, I'm hopeful we can see it cross the finish line this Congress as we work to reauthorize the Higher Education Act," added Congressman Guthrie.

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